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U.S. Stocks Slip at Close; Apple Hits New High

U.S. stocks are slipping at the close, breaking a four-day rally that pushed indexes near pre-recession highs.

Wall Street
PhotoLink, Getty Images

The Dow Jones industrial average was down 40 points at 13,553 Monday. The Standard & Poor’s 500 fell nearly five to 1,461. The Nasdaq composite lost five to 3,179.

Stocks are coming off a surge following Federal Reserve plans last week to buy bonds to get people to borrow and spend more.

Dampening spirits was an Empire State Manufacturing Survey suggesting conditions for New York manufacturers weakened in September.

Apple rose $8.50 to a new high of $699.78 after announcing blockbuster advance sales for its iPhone 5.

More than two stocks fell for every one that rose on the New York Stock Exchange. Volume was light at 3.2 billion shares.

 

(Copyright 2012 by The Associated Press.  All Rights Reserved.)

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